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JCPENNEY ELECTS JEFFREY DAVIS AS CHIEF FINANCIAL OFFICER

PLANO, Texas - (July 24, 2017) - J. C. Penney Company, Inc. [NYSE: JCP] today announced that Jeffrey Davis is joining the Company as executive vice president and chief financial officer, effective today. He will succeed Andrew Drexler, who has been serving as interim chief financial officer while the Company completed its search. Davis will report to Marvin R. Ellison, chairman and chief executive officer of JCPenney.

“On behalf of the board of directors and executive leadership, I’m pleased to welcome Jeff to JCPenney. He brings decades of finance, treasury and strategy experience from a host of leading companies, and will make an outstanding addition to our team,” said Ellison. “Jeff’s expertise will also be a tremendous asset to JCPenney as we continue to differentiate our business in a competitive retail climate and further strengthen our balance sheet moving forward.”

In his role, Davis will be responsible for all financial operations of the Company, including the oversight of finance teams at the JCPenney home office and shared services center in Salt Lake City. Among his primary objectives will be to continue the Company’s progress in identifying earnings growth opportunities, optimizing pricing, exercising SG&A discipline, managing inventory levels and deleveraging debt.

“JCPenney is a mainstay in American retailing, and I’m proud to have the opportunity to sustain its rich legacy alongside a group of dedicated associates committed to differentiating the Company from its traditional competitors,” said Davis. “I look forward to working with our teams in Plano and Salt Lake to continue strengthening the financial position of JCPenney, further propelling the Company’s momentum.”

Davis most recently served as chief financial officer at Darden Restaurants, overseeing finance and accounting, corporate reporting, tax, internal audit, treasury and investor relations. He also maintained oversight of Darden’s real estate acquisitions, as...


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